Oil Search posts record profit but shares stagnate

THE share price of PNG oil and gas producer Oil Search failed to recover from last week’s slide although the company managed to post a record first half net profit result of $US373.9 million during the week.

Investors dumped the stock last week after doubts were raised over the future of the PNG Pipeline project, with Oil Search shares dipping as low as $A3.16 last week from around $3.

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